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2020065107401 Robert W. Baird & Co. Inc. CRD 8158 AWC lmp (2022-1664670000349).pdf

FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER, AND CONSENT NO. 2020065107401 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: Robert W. Baird & Co. Incorporated (Respondent) Member Firm CRD No. 8158 Pursuant to FINRA Rule 9216, Respondent Robert W. Baird & Co. Incorporated submits this Letter of Acceptance, Waiver, and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.

Gary Purpura Comment On Regulatory Notice 22-17

I am president of Liberty Capital Investment. We are a small BD with 5 reps. We often buy bonds from 3rd party vendors. We find our clients can get prices by using an outside vendor like Muni Center versus buying from out correspondent inventory. Filling these orders often takes 10 to fifteen minutes to report. In the interest of best client price I remain firmly in favor of keeping the 15 minute report time